As previously mentioned before when shopping online for commercial insurance, the online shopping/quoting process for business owners can easily result in a gap in coverage on their commercial policy which usually is a result of the quoting conversation being centered around price.
What to look for.
Initially when shopping online for commercial insurance, or any insurance for that matter, the cost of the policy or paying as little as possible is usually the main focal point. For contractors and Business Owners there are specific coverages for specific types of businesses that should be discussed, especially for new small business owners. For example, if a business owner who owns an Auto Repair Shop is shopping online for a commercial Business Owners Policy, some of the main coverages that are tailored to Auto Repair shops needs to be discussed during the initial conversation such as Garage Keepers Liability which covers if there is damage to a customer’s vehicle while in the auto shops possession. While most commercial policies include this coverage, the limit amount is rarely discussed which results in a gap in coverage and leaves an exposure for the owner of the Repair Shop.
Need another example
The same can be said for a Business Owner who owns a Floral Shop or Restaurant, for most restaurant owners one of the most important coverages that is specifically tailored to restaurants that should be kept in mind when shopping online is Spoilage Coverage. Spoilage coverage is essential because it provides coverage for any spoilage of inventory that is usually carried in a restaurant or Floral shop due to a power outage from a storm or any other covered loss, usually the amount to recover inventory that has spoiled can cause significant stress to business owners who have to replace the items while completing day to day operations to continue to run their business. Spoilage coverage is a must for Restaurants and Floral shops in a Business Owners Policy and should be one of the first coverages discussed outside of the Liability and property coverage which is usually the only talking points during the quoting process when done online.
For Commercial Policies there are several other Businesses that require specific coverage such as Bailees coverage for Carpet Cleaners, Bond insurance and equipment coverage for Cleaning Services, it is always highly recommended to review these coverage’s annually on your policy to make sure that there is still adequate coverage, and that your business has a commercial policy that is specifically tailored to your business.
To find out more about these tailored coverage’s speak with a representative.